United Community Banks (UCBI) Damaged On Stock Sale

Posted in pre-market 
September 25th, 2009

United Community Banks (UCBI) is down almost 9% on over 135,00o shares

The bank said that it has priced a public offering of 38,700,000 shares of common stock at $5.00 per share for gross proceeds of $193.5 million. United expects to close the sale of the shares of common stock on or about September 30, 2009, subject to customary closing conditions. Sandler O’Neill + Partners, L.P. and SunTrust Robinson Humphrey are serving as joint book-running managers for the offering and Raymond James & Associates is serving as co-manager. The underwriters will have a 30-day option to purchase up to an additional 5,805,000 shares of common stock from the Company at the offering price to cover over-allotments, if any.

The bank also recently said it would have an unanticipated loss.

Douglas A. McIntyr

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